Warren Buffett — the investment legend called The Oracle of Omaha and probably the Greatest Investor of all Time — until now.
He very often voiced his negative opinion about bitcoin. One of my favorite quotes is this one from February 2020:
“Cryptocurrencies basically have no value and they don’t produce anything. They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. In terms of value: zero.” — CNBC, February 2020
In 2010 mining bitcoins seemed to have been fairly easy, and they seemed to come out of the rig in the thousands very quickly. Laszlo Hanyecz tried to motivate people to buy him Pizza for bitcoin. A fairly great deal by this time, according to his thread, “10,000 BTC against 2 Pizza that just cost 20–30 dollars”, he explained.
Today April 15, Bitcoin is worth USD 62,000. Just do the math to calculate the value of the 10,000 BTC. Whoever delivered the Pizza and got the coins hopefully thought about holding on to them.
So there is Warren Buffett, who believes that
Cryptocurrencies are rat poison squared at best
And then, there is the situation that 10,000 BTC purchased in 2010 would be worth 62,000 USD each. It is just a fact, and still, Warren Buffett doesn’t like this asset class.
Are there other opinions about cryptocurrencies from people as famous as Warren Buffett in the investment world who express a more positive view of cryptocurrency?
And if yes, what are their price predictions?
Which Fund Manager steps in the ring to challenge Warren Buffett?